Rohan Gray, assistant professor at Willamette Law, talks about the STABLE Act, which would require real coin issuers to invent a banking charter, require approval from the Federal Reserve and require issuers to comprise FDIC insurance. In this episode, Gray, an advisor to the bill, discusses:

  • how the previous historical previous of financial innovation and events which comprise posed systemic risks necessitates the STABLE Act
  • how he, no longer being a team member of Congress, turned interested in the bill
  • how the bill would prevent stablecoin issuers from committing crimes that banks comprise perpetrated by requiring them to change into banks
  • why he believes originate supply comely contracts imposing strategies and public audit-ready blockchains are no longer a mainly current technique to prevent the form of events that pose systemic risks that the STABLE Act goals to prevent
  • why current regulatory and licensing regimes are inadequate
  • how he would solution people from international locations devour Argentina who comprise had their forex devalued by their authorities the STABLE Act, and who would possibly possibly possibly furthermore explain this bill exposes them to a clear form of worry
  • how noteworthy the rollout of Fb’s Diem, versus current stablecoins equivalent to Tether, USDC or Dai, used to be a motivation for this bill
  • whether, by focusing narrowly on systemic worry, this bill would possibly possibly possibly furthermore squash crypto and fintech innovation that can furthermore back the un- and below-banked
  • whether he sees any course ahead for this bill to be passed

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Episode links:

Rohan Gray: https://twitter.com/rohangrey

STABLE Act: https://tlaib.condominium.gov/media/press-releases/tlaib-garcia-and-lynch-stableact

Introduction of bill:

https://www.coindesk.com/us-lawmakers-introduce-bill-that-would-require-stablecoin-issuers-to-invent-financial institution-charters

Implications of the bill for operating an Ethereum node:

https://www.coindesk.com/real-act-ethereum-node-illegal https://www.coincenter.org/the-unintended-consequences-of-the-real-act/ https://www.coindesk.com/real-act-ethereum-node-illegal

Rohan Gray and Jeremy Allaire interviews on The Block Stay: https://www.pscp.tv/w/1OwxWVgmqyMJQ

Unchained interview with acting Comptroller of the Foreign money Brian Brooks: https://unchainedpodcast.com/acting-comptroller-of-the-forex-brian-brooks-on-crypto-banks/

Hyperlink to the Crypto News Recap:

https://unchainedpodcast.com/why-mass-mutuals-btc-aquire-is-so-main/